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HomeMy WebLinkAbout0944 . , ~ ~ • ~ , 3~9 ~ 4 ~ If the existing mortgage required the buyer to assume same~ then the + buyer shall do so; provided, however, if the mortgagee does not accept the buyer. then in that event occurring~ the buyer at his option, may cancel the contract and all monies paid by the buyer shall be refunded to the buyer. C. PURCHASE MONEY MORTGAGES: Any purchase money notes and mortgage re- quired by the contract shall follow the forms generally accepted and used in the county where the land is located. Any purchas~ money mort- ; gage shall provide for insurance against loss by fire with extended ; coverage in an amount not less than the full insurable value of the ' improvements. In a first mortgage, the note and mortgage shall provide ; for acceleration~ at the option of the holder, after thirty (30) days ; default and in a second mortgage, after fifteen (15) days default. A ~ second mortgage shall require a mortgagor to k.~p all prior liens and . encumbrances in good standing. Buyer shall have the right to prepay all or part of 'the principal at any time or times with interest to date of payment without penalty. D. OTHER MORTGAGES: In the event buyer executes a mortgage to one other than the seller, all costs and charges incidental thereto shall be paid by the buyer. ~ 3 E. SURVEY: If the buyer desires a survey he shall have the property sur- ~ veyed at his expense prior to closing date. If the survey shows an ` encroachment, the same shall be treated as a title defect. F. TERMITE INSPECTION: Prior to closing, at~buyer's expense, the buyer shall have the right to have the property inspected by a licensed and . , bonded exterminator to determine whether there is any active termite infestation or damage from prior termite infestation in the improve- mec~ts on said property. If there is any such infestation or damage. the seller shall pay all costs of the treatment required to remedy any such infestation or damage so reported~ including the costs of repairing or replacing all portions of said improvements which are infested or have been damaged. .However, in the event the costs to be incurred are more than three (3%) percent of the purchase price. then, at the seller's option he may~cancel the contract within ten (10) days of the receipt of the termite inspection report by giving written no- tice to the buyer. G. INSURANCE: If insurance is to be prorated, the seller shall on or before the closing date, furnish to buyer all insurance policies or copies thereof. ~ H. LEASES: The seller shall furnish copies of all written leases to the ' buyer prior to closing and if there are any persons in possession with- out written leases, estoppel letters from such persons specifying the ~ nature and duration of the occupancy shall be furnished to the buyer by the seller prior to the closing date. I. MECHANICS LIENS: Seller shall furnish to the buyer an affidavit that there have been no improvements to the subject property far 90 days ~ immediately preceding the date of closing. If the subject property _ has been improved within 90 days itrunediately preceding the closing ~ date, the seller shall deliver releases or waiver of all mechanics 5 liens executed by general contractors, subcontractors, suopliers or : a material men and seller's mechanics lien affidavit. - ~ J. PLACE OF CLOSING: Closing shall be held at the office of the seller's ~ ; attorney or as otherwise agreed upon. ° ~ K. TIME IS OF THE ESSENCE: Time is of the essence of the Contract for Sale and Purchase. L. DOCUMENTS FOR CLOSING: Seller's attorney, or other closing agent shall prepare deed, note, mortgage, seller's affidavit, closing statement and submit copies of same to buyer's attorney, and copy of closing statemen to the broker, at least two days prior to scheduled closing date. ~ ~ ' ~ M. EXPENSES: State surtax and documentary stamps which are required to be ~ affixed to the instrument of conveyance, intangible personal property q: taxes and the cost of recording the purchase money mortgage sha21 be > paid by the seller. Documentary stamps to be affixed to the note or aa ~ ~39 ~~f 94~ ~ n_ ~ _ _G C .